BEIJING -- China's central bank on Tuesday pumped the most funds in a single day since February 2013 into the financial system in open market operations to ease liquidity before the week-long Spring Festival holiday.

The People's Bank of China conducted 360 billion yuan (around $55 billion) of 28-day reverse repurchase agreements (repo) and 80 billion yuan of seven-day reverse repo, a process in which central banks purchase securities from banks with agreements to resell them in the future.